Colorado parents who are ending their marriages have many things to negotiate and worry about. One of those issues can be how to pay for their children's college expenses when there are two households to maintain. Before sacrificing a child's college education, however, parents can try to reach an agreement on how to handle this matter.
Starting in 2019, alimony will no longer be considered income to the person who receives it. Furthermore, it will no longer be a tax deduction for the ex-spouse who makes the payment. For Colorado couples who cannot get their divorces finalized in the final few days of 2018, there may be other ways to avoid the ramifications of the new tax rules.
Colorado couples who are considering getting divorced should keep in mind that some experts believe getting out of debt can save a marriage. Debt can cause problems in even the most stable marriage, and getting out from under it can relieve a significant amount of stress. According to a Couples & Money study by Fidelity, 40 percent of couples state that debt has a negative impact on their marriage. Couples who struggle with debt are more likely to have poor communication, and individuals often disagree on who is responsible for the most debt. This can lead to fighting and stressful conversations about money.
Divorce for parents in Colorado during the holidays can mean added disruption to an already stressful time. On top of dealing with holiday shopping and plans for meals with extended family, divorced or divorcing parents also have to figure out the logistics of travel for children in shared custody situations. In addition, shared custody means children may not get to spend as much time with each parent as they would like, making it easy to fall victim to anxiety and depression.
From emotional distress to changes in lifestyle, many Colorado residents face new challenges when going through a divorce; however, these problems can get much worse without factoring financial decisions into a divorce agreement. Forbes has published findings by a Certified Financial Planner that outline a number of common mistakes people make during the dissolution of a marriage, and the findings present proper planning as the solution to avoiding disaster.
When Colorado couples live together before they get married, they might experience what researchers have called the "premarital cohabitation effect". This refers to the fact that people who do so may experience conflict after their marriage.
Some Colorado couples who are planning to marry have negative feelings about prenuptial agreements. They think that prenups mean that a couple is planning to get divorced before they are even married. Other people associate prenuptial agreements with financial greed or high-profile celebrity splits. In reality, these arrangements can be useful to people of various financial means. Many experts advise that all couples should think about prenuptial agreements before deciding to tie the knot. This is especially true as more people marry at an older age with established careers and businesses.
Having a lot of money does not necessarily insulate Colorado couples from a divorce. Research from the Federal Reserve Board does show that a higher credit score is linked to a higher likelihood of staying in a committed relationship and that couples are more likely to split up if there is a large disparity between their credit scores. However, the American Academy of Matrimonial Lawyers reports that economic upturns usually also means an increase in divorces.
People in Colorado may know that their work lives have an effect on their personal lives as well. From health and well-being to romantic relationships, nearly all aspects of a person's life could be affected by their choices on the job. According to one study, people who work in certain types of environments may also be more likely to divorce. One study investigated whether people who work more closely with other potential partners - for straight people, members of the opposite sex - were more likely to end their marriages than those in a same-sex environment.
Divorce among adults older than age 50 is becoming more common in Colorado and in other areas. According to statistics, divorce among older adults, which is also known as "gray divorce," has doubled since 1990. Divorce among older adults can cause a number of health problems.